Consumers, they, and not the growers,
pay taxes on raw produce, 91.

Commodities, utility not the measure, | of a standard commodity considered, 400-2.
though absolutely essential to the ex- Commodities generally, can never become
changeable value of, 9. Commodities pos- a standard to regulate the quantity and
sessing utility derive value from scarcity, value of money, 401. Effects of taxes
and the quantity of labour required to on a particular commodity, considered
obtain them, 9. The value of some de- 463-5.
termined by scarcity alone, 9. The real
price of every thing as defined by Adam
Smith, 10. Insufficiency of gold and silver
as a medium for determining the variable
value of other commodities, 11. Corn or
labour no less variable a medium than
gold and silver, 11, 253. Effects of im-
provements in machinery on the value
of, 12. Effects of the accumulation of
capital on the value of, 17. Economy in
labour reduces the value of, 18. Those
having the same quantity of labour be-
stowed on them will differ in exchange-
able value if they cannot be brought to
market in the same time, 24. The price
of those on which durable capital is em-
ployed varies inversely as wages, 28. The
prices of those produced chiefly by labour
vary according to the quantity of labour
expended upon them, 28. Gold, a commo-
dity obtained under the same contingencies
as every other, and requiring labour and
fixed capital for its production, 28, 263.
The exchangeable value of, regulated by the
quantities of labour necessarily bestowed
on their production under the most un-
favourable circumstances, 37, 38. Na-
tural and market price of, distinguished,
and how affected by the circulating capi-
tal of the monied class, 47, 48, 49. A
rise of wages not necessarily productive of
a rise in the price of commodities, 57. A
diminution in wages raises profits, but has
no effect on the price of commodities,
75. The same rule which regulates the
value of commodities in one country,
does not regulate the value of those
exchanged between two or more, 75.
Why the prices of home commodities are
higher in those countries where manu-
factures flourish, 81. Evils of prohi-
biting a free trade in precious metals
when the prices of commodities are raised,
138. Commodities are at a monopoly
price when no device can augment their
quantity, 150. A tax on, to afford a bounty
for the production of corn, would make corn
relatively cheap, and manufactures dear,
193-195. A tax on corn for a bounty on
the production of commodities, would have
the opposite effect, 195. The cost of pro-
duction regulates the price of commodi-
ties, 232-250. Monopolised commodities
vary in value, and why, 234. Effects of
machinery in reducing the price of com-
modities, 242. The production of corn
encouraged by a rise in its market, and not
in its real price, 253. Objections to the use

Corn, or labour as a medium of value,
as variable and insufficient as gold and
silver, 11, 253. Fluctuations to which
corn is subject, 11. Influence of the prices
of, on rent, 40. A rise in the price of
corn which increases the money wages of
the labourer, diminishes the money value
of the farmers' profits, 62. A country
enabled to manufacture commodities with
much less labour than her neighbours,
may, in return for these commodities, take
a portion of the corn she requires, though
more fertile, and producing corn with less
labour than that from which she imports it,
77, n. The prices of corn and labour will
be relatively higher in a country excelling
in manufactures, so as to occasion an in-
flux of money, than in any other, 83.
Corn rents materially affected both by
tithes and a money tax, 104. A tempo-
rary restriction on the importation of,
when advisable, 161-2. Advantage re-
sulting from a relatively low price of corn,
163. Effects of a low price of corn on
wages and profits, 163. Bounties on the
exportation of, lower its price to the
foreign consumer, but have no permanent
effect on its price in the home market,
181-2. Temporary effects of a bounty on
its exportation, in raising its price, 184-7.
A bounty on its production raised from
a tax on commodities, would make corn re-
latively cheap and manufactures dear, 193-
195. A bounty on the production of com-
modities raised from a tax on corn would
have the opposite effect, 195. A bounty
on the production of, would have no real
effect on the annual produce of the land
and labour of the country, 195. Benefit
of a high price of, to landlords, 202-3.
Investigation of the comparative value of
gold, corn, and labour, 226-9. A fall in
the value of corn not so beneficial to
stockholders as to farmers, manufacturers,
and other employers of labour, 258-9.
Loss of rent the effect of a low price of
corn, 259. Importation of foreign corn
considered, 259-260. Essay on the influ-
ence of a low price of corn on the profits
of stock, 371-390. A remunerating price
of corn considered, 459-461. Influence of
a rise of wages on the price of corn, 461-3.
Effect of abundant crops on the price
of corn, 465-7. Effect produced on the
price of corn by Mr Peel's bill for restoring
the ancient standard, 467-475. Effects of

a low value of corn on the rate of profits, | 475-8. Under a system of protecting duties giving the monopoly to the homegrowers of corn, prices must be fluctuating, 478-486. Project of advancing money on loan to speculators in corn at a low interest, considered, 486-7. Quantities of oats, wheat, and wheat flour imported from Ireland from 1818 to 1821, 490. Account of the corn that arrived in the port of London from ports in Great Britain and Ireland, from 1817 to 1822, and of the quantities sold in Mark Lane from Nov. 1818 to Nov. 1822, 498.

Cultivation, discouraged by a tax on the rent of land, 102. Not discouraged more by tithes and taxes on land and its produce, than by other modes of taxation, which raise the exchangeable value of any commodities in very general demand, 105-9. Tendency to discourage both cultivation and production, an evil inseparable from all taxation, 109.-See also AGRICULTURE and LAND.

Currency, Exchange ascertained by estimating the value of the currency of one country in that of another, 84. The currency may as effectually be increased by paper as by coin, 214. Extracts from the author's pamphlet, entitled, "Proposals for an Economical and Secure Currency," 215-8. A currency is in its most perfect state when it consists wholly of paper money of an equal value with the gold it professes to represent, 218. Tendency of the law against the exportation of coin, to depreciate the currency, 265-328. A redundant currency the only temptation to export money for goods, 267-8. Exchange affords a tolerably accurate criterion of the debasement of the currency, 274. The depreciation of our currency no cause of the high price of the funds, 287. Different effects of its depreciation, on the value of land, and on that of the funds, 287. Remedy proposed for evils in the currency, 287, 300-1, 366. Consequences that would follow the diminution or increase by onehalf of the currencies of other countries (exclusive of England), dem.onstrated, 326-8. Proposals for an economical and secure currency, 393-454.-See also GOLD and SILVER, and PAPER MONEY.

tures thereon, 234. The demand for labour depends on the increase of circulating and not of fixed capital, 241, n.

De Tracy, M.,-correct in saying that labour is a common measure of the relative value of its products, 171-2. Has fallen into the same error as M. Say as to the definitions of value, riches, and utility, 171, n.

Distress. Whether the present state of agricultural distress can be attributed to taxation, considered, 487-491.

Dividends. Remedy proposed for the mercantile inconvenience caused by the quarterly payments of, to the public creditors, 410-1.

Duties.-See TAXES.

E.

Economy, in labour, reduces the relative value of a commodity, 18. Illustrations of this principle, 18.

Edinburgh Review,-Quotation from vol. v. on the subject of a bounty on the exportation of corn, 182. Argument in vol. i., p. 183, that an increase in the paper currency will raise the paper but not the bullion price of commodities, combated, 270, n. Edinburgh Reviewers mistaken in supposing that the exportation or importation of bullion takes place without reference to exchange, 275. The principles laid down in the Review of the author's pamphlet on the High Price of Bullion, examined and controverted, 291

301.

Encyclopædia Britannica. Quotation from article "Corn Laws and Trade" as to withdrawal of capital from poor soils, 161, n. The same article quoted as to the advantages of Free Trade, 191, n. Essay on the Funding System written by the author for the Supplement to the sixth edition of, 515-548.

As

Exchange, the rate of, no criterion of the increased value of money, 83-84. certained by estimating the value of the currency of one country in the currency of another, 84. May be ascertained also by comparing it with some standard common to both, 84. When exchanges between countries are at par, 138. The effect of the exchange would counterbalance the effect of high prices caused by detaining gold and silver in a country by prohibitory laws, 139. Effects on exchange, of the debasement of the gold and silver currency by clipping, or of a depreciation of paper money, 273-4. Statements of the rate of exchange with Hamburgh at various periods, 298-9. How an unfavourable exchange may be ultimately corrected, 301. The variations of exchange with foreign countries can never

for any considerable time exceed the ex- |
pense of transporting and insuring the
precious metals, 306. Exchange with
Hamburgh considered, 308-315. Ex-
change with Paris considered, 316-9.
Fallacy of the supposed premium on
English currency in America, proved, 319-
320. Causes of the favourable exchange
with Sweden explained, 320-1, and n. The
par of exchange between two countries,
one using gold and the other silver as a
principal measure of value, cannot be
estimated without taking into account
their relative value, 310-322.

Exportation. Bounties on the expor-
tation of corn lower its price to the fo-
reign consumer, but have no permanent
effect on its price in the home market, 181-2.
Temporary effects of bounties on, in raising
the price of corn, considered, 184-7. Boun-
ties on the exportation of manufactures,
raise their market, but not their natural
price, 188-9. Pernicious effect of a bounty
on the exportation of manufactures or
corn stated, 189. Evils of prohibiting the
melting or exportation of coin, and at
same time allowing the exportation of
bullion, 265, 326. Depreciation of the
circulating medium counteracted by the
exportation of the precious metals, 270.
Law ineffectual to prevent the melting and
exportation of gold coin, 265, 279, 301,
323-6.

F.

coinage of, and its effect on exchange,
318, n.

Free Trade, importance of, to Great
Britain, 190, 191, n.

Funded Property, the price of, not a
steady criterion of the rate of interest, 179,
180. The holders of, how benefited by the
low value of corn, 258-9. The funds not
indebted for their high price to the depre-
ciation of our currency, 287. Opposite
effects of a depreciated currency on the
value of land, and of funded property,

287.

Funding System, Essay on the, written
by the author for the Supplement to the
sixth edition of the Encyclopædia Britan-
nica, 515-548.

G.

Gilchrist, Mr, quotation from his evi-
dence as to the effect of the restriction of
the issues of the Bank of England on the
issues of the Scotch banks, 348-9.

Gold and Silver, being variable, insuffi-
cient as a medium for determining the va-
rying value of other things, 11. Fluctua-
tions to which they are subject, 11. Gold a
commodity obtained under the same con-
tingencies as every other, and requiring
labour and fixed capital for its production,
28, 263. Gold approaches more nearly to
an invariable standard of value than any
other commodity, 29. Effects of the dis-
covery of the American mines on the
value of, 46. Various advantages they
possess as a standard for money, 46. The
value of paper money influenced by such
causes only as influence the value of gold,
57. Improvements of manufactures in
any country tend to alter the distribution
of the precious metals among the nations
of the world, 78-80. On whom a tax on

Farmers, a rise in the price of corn,
which increases the money wages of the
labourer, diminishes the money value of
the farmer's profits, 62. Rent always falls
on the consumers, and not on the farmers,
63. Interest of, to keep the price of raw
produce low, 63, 188, 477. A tax on the
farmer's profits how beneficial to the land-gold would temporarily and ultimately
lord, 126-7. Pay more poor rates than
manufacturers, in proportion to their re-
spective profits, 157. Injurious effects on
the condition of the farmer, of the con-
stantly fluctuating prices of corn under a
system of protective duties, 477-486.

Foreign Trade, effects of an extension
of, 72. Proofs that the profits of a fa-
voured trade will speedily subside to the
general level, 73-4. Foreign trade, though
highly beneficial to a country, has no ten-
dency to raise the profits of stock, unless
the commodities imported are those on
which the wages of labour are expended,

75.

France, the taille in, before the revolu-
tion, a tax of the objectionable description,
that takes out and keeps out of the pockets
of the people, more than it brings to the
state, 108. Rates of seignorage in France
at different periods, 318, n. Duty on the

fall, 114, 118. The market value of gold
is ultimately regulated by the compara-
tive facility or difficulty of producing it,
114. Effects of a tax on gold, 115-8.
Evils of prohibiting a free trade in pre-
cious metals when the prices of com-
modities are raised, 138-9. Value of
gold and silver proportioned to the quan-
tity of labour necessary to produce and
bring them to market, 213. The obliga-
tion to pay their notes in gold coin or
bullion, the only proper control over the
abuse of their power by issuers of paper
money, 215. A currency is in its most
perfect state when it consists wholly of
paper money of an equal value with the
gold it professes to represent, 218. The
use of paper instead of gold substitutes
the cheapest for the most expensive me-
dium, 218. Remarks on the employment
of these metals in currency, 221-2. Their